CHARLOTTE, N.C. and ATLANTA, Jan. 24, 2007 (PRIME NEWSWIRE) -- Lane Company, a leading multifamily real estate firm, has acquired Alexander Place Apartments in Charlotte, NC. The firm purchased the community from INVESCO for $27 million.
"The acquisition represents an outstanding 'value-add' opportunity in which Lane can utilize its significant construction and management expertise to reposition the property," said Adam Brown, Lane Company's acquisitions manager. "We have a tremendous amount of confidence in this location within the affluent South Park sub-market and believe that a repositioned property will benefit from its close proximity to the Harris YMCA and South Park Mall."
Although Lane manages nearly 3,000 units in Charlotte, this is Lane Company's first acquisition in the Charlotte area. The acquisition also marks the first acquisition through Lane's $150 million joint venture with a client advised by Morgan Stanley Real Estate. The joint venture will invest in apartment acquisitions, new development, and condominium conversions throughout the Southeast.
Alexander Place is a 309-unit garden-style apartment community built in 1985. The two/three-split apartment buildings occupy 37.34 acres of mature, well landscaped grounds with tennis and volleyball courts, two clubhouses, two swimming pools, and a fitness center.
Lane Company subsidiary Lane Management LLC will manage the community, which will undergo an extensive renovation. The new owner plans to perform significant exterior and interior renovations that will position the property to effectively compete with newer apartment communities in the sub-market.
Alexander Place is located at 6316 Cameron Forest Lane in Charlotte.
About Lane Company
Lane Company (www.lanecompany.com) is an award winning, vertically integrated, full-service multifamily real estate company. Lane's expertise extends to all areas of real estate including property management, asset management, development, construction and condo conversion and sales. With over 30 years experience, Lane Company is recognized as one of the most innovative, efficient and technologically-advanced firms in the multifamily industry.